Top cryptocurrencies are experiencing some pressure as the bulls try to keep the bears away.
Bitcoin is trying to consolidate above $6,600, while Ethereum is holding above $475. What does today’s market look like? Here is the July 5 price analysis for the top three plus EOS and LTC.
Bitcoin prices have broken above $6,700 and are looking to consolidate support just below this level.
The BTC/USD pair has a slightly bullish momentum that could see it push to $6,800 if the bulls maintain support. The Stochastic RSI is pointing upwards, suggesting the bullishness will hold short-term.
Bitcoin prices are trading higher on the intraday charts as it has moved above opening prices. BTC/USD currently exchanges hands above $6,700.
Bitcoin prices continue to hold above the critical support zones, away from bearish trend line from last week. Trading volume has also jumped from $4.1 billion to $4.7 billion.
The bulls will face a major resistance line at $6,877. This is the pair’s intraday high prices last seen on June 19. Should the bears get an upper hand, the pair will benefit from support at the100 SMA which is at $6,510.
Ethereum gas prices hit a new high earlier this week due to network overload. That has informed founder Vitalik Buterin’s proposal on how to stabilize these gas prices.
On the market, ETH/USD gained by about 2 percent on the day to break above $480. At the moment, the pair is trying to reach July 4 intraday high at $487, in the process gaining over $14 on Wednesday’s close prices at $467.
The upside has seen Ethereum’s prices turn slightly bullish and will likely consolidate above the long-term trendline.
ETH is currently trading above $482 and may cross the $490 resistance zone if the bulls consolidate above the immediate support area at $481.
Increased activity has seen its intraday trading volume increase to $1.6 billion from $1.5 billion on July 4.
Both moving averages indicate an upside in the near-term, while a breakout above $494 would see the bulls retest the $500 zone.
Ripple prices are experiencing a slight dip despite a boost from the Australia Reserve bank. XRP/USD traded as high as $0.504 during the Asian trading hours.
However, it has retraced to trade below and currently exchanges hands at about $0.48 against the US dollar. Before the pullback, it appeared XRP bulls would push above the immediate key resistance line at $0.52.
XRP prices reached a high of $0.52 on July 5, has since been range-bound between $0.48 and $0.50, which is also today’s range.
In the short-term, the 61.8% Fib retracement level at highs of $0.52 to a low of $0.475 provides the main resistance zone. Bulls must consolidate above the $0.48 level to see any sustained push over the trendline.
EOS prices are trending lower, away from yesterday’s high above $9.37. It failed to build any momentum towards the $10.00 price level and now the bulls are fighting to hold prices above $8.80 level.
EOS traded as high as $9.20 today, although it also declined to a low of $8.80. A total of about $1.05 billion EOS coins have been traded today, higher than July 4 volumes.
However, the sentiment is likely to head south if the top coins take a similar trajectory.
The downward correction has seen the bears take positions as they aim for the 20-day EMA.
This scenario means that the bulls may run into stiff resistance if they try to break above $9.00, possibly igniting selling pressure. If it begins a downtrend, EOS/USD may rely on support at June 22 close at $8.66.
Litecoin prices have once again failed to break above $90 as it struggled to recoup losses suffered on July 4. The coin had tested a high of $89.51 (Bitfinex) but declined to close at $85.49.
Today LTC/USD rallied to reach a high of $87.18 but has since lost about 3 percent to currently exchange hands just above $84.51.
Once again, the LTC/USD pair is correcting downwards and will likely retest significant support levels at today’s intraday low of $83.70.
The $90.00 resistance zone has proven to be too much for the bulls. LTC buyers should sustain momentum above $84 to prevent a decline to lows of $83.31. This also represents the major support area near the 100 SMA on the hourly charts.
On the upside, should price recover above $86.00, we are likely to see it push for the $89.00-90.00 resistance zone. Nevertheless, it has to withstand the pressure from the sellers.